Rajesh Power Services files DRHP for IPO on BSE SME
Rajesh Power Services Ltd (RPSL) has filed its draft red herring prospectus (DRHP) with BSE SME for an initial public offering (IPO).
The IPO includes a fresh issue of 2.79 million equity shares, each with a face value of Rs 10, and an offer for sale of up to 2 million equity shares, also with a face value of Rs 10, through the book-building route. The selling shareholders include Beena Panchal, Krunal Panchal, Nehal Panchal, Rajendra Baldevbhai Patel, Praful Patel, Vishal Patel, Kalaben Kantibhai Patel, and Jyotsna Ramesh Patel.
RPSL specializes in EPC contracting and turnkey services for power transmission and distribution utilities, PSUs, and private entities, covering EHV/HV/LV underground cable networks, EHV substations, and O&M activities.
As per the DRHP, RPSL plans to allocate Rs 251 million of the IPO proceeds for capital expenditures. This includes Rs 179.4 million for purchasing cable identification, testing, and fault location equipment, Rs 41.6 million for establishing a 1,300 kW DC solar power plant, and Rs 30 million for developing green hydrogen production expertise and associated equipment like electrolysers. Additionally, Rs 300 million will be used for working capital, with the remainder for general corporate purposes.
RPSL offers consultancy for power substation and cable system design and boasts a robust order book worth Rs 23.58 billion, involving turnkey contracts, design engineering, procurement, and substation construction. The company is accredited with multiple state utilities, PSUs, and private clients.
RPSL has invested in HKRP Innovations Ltd, which provides IT-based solutions for the energy sector, including Internet of Things (IoT) and cloud-based solutions for power grids and renewable energy. HKRP’s offerings include the “Smart Feeder Management System” (SFMS), “Virtual Feeder Segregation” (VFS), “RTMS for Oil Well”, and “Solar Energy Data Management” (SEDM).
RPSL entered the solar power generation sector in 2012 with a 1-MW solar plant in Surendra Nagar district, Gujarat, under a government solar scheme. The plant continues to operate, supplying power to Paschim Gujarat Vij Company Ltd (PGVCL).